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View ChartsUSD (SUSD) is a decentralized cryptocurrency stablecoin designed to track the value of the US dollar, primarily issued on the Synthetix decentralized finance (DeFi) protocol running on Ethereum. It is a synthetic USD token enabled by the Synthetix protocol that maintains its price through price feeds supplied by Chainlink's decentralized network of oracles. The token is backed by the Synthetix Network Token (SNX), which users lock as collateral to mint synthetic assets known as Synths. sUSD has a circulating supply of approximately 87,460,811 coins and a maximum supply of 142,399,574 coins. Note that the ticker "SUSD" can also refer to the Scottsdale Unified School District in Arizona, but within cryptocurrency contexts, it denotes the Synthetix-issued stablecoin.
sUSD is issued through the Synthetix protocol, which was founded by Kain Warwick. Kain Warwick is also the Co-Founder and CEO of blueshyft, a retail payment network with over 1,200 locations across Australia, which became the largest cryptocurrency payment gateway in Australia. In 2020, Kain participated in the funding round of 1inch Protocol and released the Synthetix decentralized asset management platform dHedge. He also added synthetic tokens of real-world assets such as Brent oil and the Nikkei stock index in March 2020. The Synthetix protocol is governed by a system of councils, with the Spartan Council serving as the key governing body elected by the community to decide which protocol changes are approved.
sUSD operates through a pooled collateral model. Users lock SNX tokens as collateral in the Synthetix smart contract to mint synthetic assets, including sUSD. This pooled collateral model allows users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties and solving liquidity and slippage issues experienced by decentralized exchanges. The value of sUSD is maintained through price feeds supplied by Chainlink's decentralized network of oracles. Synthetix supports synthetic fiat currencies, cryptocurrencies (long and short), and commodities. After the introduction of SIP-420, the collateralization ratio was lowered from 750% to 200%, and debt positions were moved to a shared protocol-owned debt pool, meaning individual stakers delegate their debt to a collective pool rather than bearing sole responsibility. The C-Ratio is calculated using the formula: C-Ratio (%) = (Total SNX value in USD / active debt in USD) × 100.
sUSD is unique as one of the most liquid decentralized stablecoins integrated across the DeFi ecosystem. The Synthetix platform offers risk mitigation strategies through a decentralized protocol committed to decentralization and censorship resistance, including crucial areas such as price feeds. Chainlink supplies all oracles, meaning Synthetix does not rely on a centralized solution. sUSD is integrated at Curve and can be traded without slippage for other assets native to the Synthetix protocol at Kwenta or Synthetix.Exchange. The protocol also introduced a trial with a 10 million sUSD ceiling and a liquidation deadline of three months. The initial minting fee is 0%, though it may be increased via SCCP during the trial. Security is reinforced through a bug bounty program hosted by Immunefi, where bounties can be paid in SNX or sUSD at the bounty hunter's choice.
sUSD serves multiple purposes within the Synthetix and broader DeFi ecosystem. It is used for staking, allowing participants to stake easily through a bundled minting and burning interface. Users can earn yield through several different methods in the Synthetix ecosystem. sUSD is also used for trading, borrowing, and swapping synthetic assets within DeFi. The token supplies liquidity to the DeFi ecosystem, which has recently been in high demand. Borrowers can use sUSD loans with an initial interest rate of 0%, paid in sUSD at the time of closing the loan and sent to the feePool for distribution to SNX stakers. Additionally, sUSD can be used for governance purposes and is integrated across the DeFi ecosystem for various trading pairs and liquidity pools.
The sUSD ecosystem has experienced significant developments and challenges. Many protocols have been built on top of the Synthetix infrastructure, including Kwenta (perpetual futures and spot exchanges), Lyra (options trading), Curve (cross-asset swaps), and dHedge (decentralized hedge fund services). However, on April 18, 2025, sUSD experienced a significant depeg event, falling to $0.68, representing a 31% deviation from its intended 1:1 peg with the US dollar. This was triggered by the protocol shift SIP-420, which lowered collateralization and disrupted peg-stabilizing incentives, combined with SNX price drops and liquidity outflows. Synthetix has formulated a three-phase recovery plan including lockup incentives (420 Pool), liquidity incentives, and external yield strategies. The protocol also plans major upgrades including retiring legacy systems, launching Perps v4 on Ethereum, introducing snaxChain, and minting 170 million SNX to fuel ecosystem growth.
sUSD is not mined through traditional proof-of-work mechanisms. Instead, it is minted by locking SNX tokens as collateral in the Synthetix protocol. If an SNX staker wants to exit the system or reduce their debt and unlock staked SNX, they must pay back their debt by burning sUSD. For example, a staker mints 10 sUSD by locking SNX as collateral and must burn 10 sUSD to unlock it. However, if the debt pool fluctuates while they are staked, they may need to burn more or less debt than they minted. The process for reducing debt to zero involves the Synthetix contract determining their debt balance, removing them from the Debt Register, burning the required amount of sUSD, and updating the total supply of sUSD along with the user's wallet balance. The initial minting fee is 0%, though it may be increased via SCCP.
Keeping sUSD safe requires understanding the unique risks of crypto-collateralized stablecoins. The stability of sUSD is directly tied to the price of SNX, so if SNX falls in value, sUSD becomes vulnerable to under-collateralization. Users should diversify their stablecoin exposure, closely monitor protocol changes, and avoid over-reliance on crypto-collateralized assets. Staying informed about governance updates and market sentiment is key, as sudden shifts can trigger depegging. Users can reduce risk by using stablecoins with stronger collateral backing or built-in redundancies and by regularly reviewing DeFi positions for signs of under-collateralization or systemic instability. The Synthetix bug bounty program hosted by Immunefi provides an additional security layer, with new deployments to Synthetix smart contracts consistently audited by external parties. The PTPWallet platform supports sUSD and offers a simple interactive interface for managing the token.
sUSD tokens can be purchased through the following general steps. For a secure and liquid trading experience, using a major regulated platform like BTCC is recommended.
Buy in just 4 steps (Register → Verify → Deposit/Purchase → Receive Coins)
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TradeAs of right now, the live price of sUSD (SUSD) is C$0.289591. Its market price fluctuates in real time based on overall supply and demand, and you can check the updated SUSD to USD rate at the top of BTCC’s price page. In terms of market scope, sUSD records a 24h trading volume of C_24h35.741856 (reflecting total buying and selling activity over the last 24 hours), with a total market cap of C$13.867015M. Its current circulating supply stands at 43.6M out of a maximum supply cap of 142.4M.
The price volatility of sUSD (SUSD) is essentially driven by market supply and demand dynamics. Key factors behind its price movements include: 1) Global macroeconomic conditions and sentiment, such as Bank of Canada or US Fed interest rate decisions; 2) Tokenomics, including the ratio of circulating supply (43.6M) to max supply (142.4M), as well as token unlocks and burn mechanisms; 3) Fundamental developments, such as ecosystem expansion, on-chain activity, and core protocol upgrades; and 4) Derivatives market dynamics, including leverage battles and liquidation cascades in perpetual contracts.
Looking at its historical price performance, sUSD (SUSD) hit an all-time high (ATH) of C$3.294917 on 2021-11-16 07:40, representing the peak of market sentiment. Conversely, its all-time low (ATL) was recorded at C$0.205515 on 2026-09-16 09:50. Note that historical highs and lows reflect past performance only and do not guarantee future price trends; investment decisions should always align with live market conditions and your personal risk tolerance.
When trading SUSD futures on BTCC, technical chart analysis begins with identifying key support and resistance levels on 1D and 4H charts using historical price pivots. Next, apply MA/EMA indicators to gauge trend directions, alongside RSI (values above 70 indicate overbought conditions, while below 30 suggest oversold levels). Always validate breakout signals with the 24h trading volume (C_24h35.741856), as price breakouts accompanied by strong volume offer higher reliability.
Unlike spot trading where you can only profit from rising prices, BTCC’s SUSDUSDT perpetual contracts support two-way trading. If you anticipate a price decline for sUSD, simply log into your BTCC account with USDT margin available, navigate to the SUSDUSDT pair, set your desired leverage and Take-Profit/Stop-Loss levels, and click "Sell/Short". Once the price drops to your target, close your position to lock in profit from the price difference.
Yes. BTCC offers flexible, high-tier leverage options for SUSDUSDT perpetual futures, providing up to 500x leverage (maximum leverage limits may vary depending on liquidity). While leverage boosts capital efficiency by allowing you to control larger position sizes with less margin, it also amplifies liquidation risks proportionately. BTCC strongly advises using Stop-Loss orders to strictly manage risk when trading with high leverage.
Beginners and traders testing new strategies can switch to BTCC's "Demo Trading" mode with a single click on the App or Web interface. The demo account comes pre-loaded with risk-free virtual funds (such as 100,000 USDT). Powered by live market prices (current price: C$0.289591), you can practise opening/closing positions, adjusting leverage, and setting TP/SL for SUSDUSDT with zero financial risk.
Trading sUSD (SUSD) on BTCC requires just 4 simple steps: 1) Register a BTCC account and complete basic Identity Verification (KYC); 2) Buy USDT using fiat via credit card/express payment, or deposit USDT/BTC directly from an external wallet; 3) Navigate to the Futures section, search for SUSDUSDT, and review its live price (C$0.289591) and chart; 4) Select your margin mode and leverage, choose "Buy/Long" or "Sell/Short" based on your market outlook, set TP/SL orders, and confirm your trade.
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. The content expressed on this page is not intended to be and shall not be construed as an endorsement by BTCC regarding the reliability or accuracy of such content. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult an independent financial adviser before making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BTCC is not responsible for any losses you may incur. For more information, please refer to our Terms of Use and Risk Warning. Please also note that data relating to the above-mentioned cryptocurrency presented here (such as its current live price) are based on third-party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind. Links provided to third-party sites are also not under BTCC’s control. BTCC is not responsible for the reliability or accuracy of such third-party sites or their contents.
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